We’ve mentioned value propositions throughout, but what are they? This is the heart of your business model. It’s your unique solution(s) – a product or service – that solves a problem your customer segment faces or that creates value for them.
It should be unique and different from that of your competitors.
Here are value propositions of some well-known businesses:
- “Expect More, Pay Less.” – Target
- “Save Money. Live Better.” – Walmart
- “Music for Everyone.” – Spotify
- “The World’s Catalog of Ideas.” – Pinterest
In just a couple of words, the entire purpose of the company, product or service is articulated. Value propositions can be quantitative (price and speed of a service) or qualitative (a superior experience or design).